OVER the past 11 years, lawyers, liquidators and “collectors” have drained R84m from the estate of Krion, one of South Africa’s biggest pyramid (Ponzi) schemes, which devastated the Vaal Triangle.Hundreds of poor Afrikaners lost millions.New accounts lodged with the master of the court show that while the liquidators collected R100m from the ruins of the giant scheme, less than R10m is available for Krion creditors after paying the South African Revenue Service (SARS) and other expenses.The accounts show that “legal and collection” fees amount to R74m.The apparent stripping of the estate has taken place despite the law requiring liquidators to act, above all else, in the interests of creditors.An attorney specialising in this area of the law, who asked not to be named, said that the nature of the processing of Krion’s affairs was not unusual in the South African context.“It’s clear,” he said, “that various vested interests have kept the Krion estate alive so that it could slowly be ...
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